Interfax reported that AFK Sistema wrapped up the purchase of 49% of shares in oil company RussNeft on April 23rd.

AFK Sistema signed an agreement to buy the stake at the end of March, the price to depend on RussNeft meeting a series of financial and operational indicators but in no event to exceed USD 100 million.

Sources close to the deal said that Mr Mikhail Gutseriev RussNeft former chief will retain 49% and Sberbank of Russia, the oil company main creditor will get 2%. Mr Gutseriev will retain operational control over the company.

Mr Leonid Melamed president of Sistema said that the company is not interested in controlling RussNeft at this point, particularly in buying the 2% Sberbank of Russia gets and attributed this position to RussNeft current financial condition.

RussNeft which Mr Gutseriev founded came under the control of Mr Oleg Deripaska Basic Element in 2007. BasEl did not officially become the oil company owner as Russian regulators did not give the necessary permission. RussNeft officially returned to Mr Gutseriev this year.

(Sourced from Interfax)